Armory Sponsor
Posted: 2/12/2010 5:06:19 PM EDT
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I have a trust, though there is nothing wrong with it, I am looking into maybe creating an LLC for multiple reasons. I know LLC's cost more than a trust and require a yearly fee for the registered agent, but I would like to know more info on LLC's for NFA items. I have a PDF document that my brother-in-law sent me on creating an LLC (hes a lawyer).
So after I send in the document for creating an LLC with the $300 filing fee, what will I get back? How do I add NFA items to the LLC? I've searched for threads about this on ARFCOM and on google and couldnt find what I was looking for. I know some of you are going to tell me to stick with the Trust since I already have it, but understand its not your money I'm spending. Thanks in advance. |
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I can't speak to Texas. But I use a corporation in Florida, and here's how mine worked:
When my attorney created the corporation, he filed with the state, and I was given the Articles of Incorporation document, as well as an acknowledgement from the State of Florida that the papers had been filed and the corporation was created. Each year since, when I file my anual report and pay my annual $158, the State of Florida sends me a document showing that the corporation has paid its legal dues and is valid in the eyes of the state. In addition, my corporation is listed on the State of Florida web site by name, and clicking on its site entry gives the names of all officers. Whenever my NFA items leave the safe with any of the authorized corporate officers, they carry (along with a copy of the Form 4) a copy of the annual state certificate and a copy of the corp board's resolution listing which officers may possess and use the corporate NFA assets. Of course, since LE can verify the corporation's existence and the names of the officers via the web site, the only other item a corporate officer needs is personal photo ID. As far as how you add items to the LLC or corporation, when you submit the Form 4, you include a photocopy of the documentation that created the LLC (in my case, I also include a copy of the annual certificate). They cruise right through BATFE ... well, "cruise" ain't the best word, but they do go faster than individual or trust applications, because both of those require other verification, while the corporate is instantly verified via the state web site. YMMV. |
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You can be the registered agent and that way you don't have to pay someone. Or you can make your wife or other family member the registered agent.
The Sec of State will send you a certificate of formation (or some such document) and then you can start transferring everything to your LLC via Form 4's. But just FYI it will cost you $200 for each gun in transfer taxes. Because technically the transfer from the trust to the LLC is a taxable transfer. |
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I probably wont be transferring the few NFA items in the trust over to LLC. At least not anytime soon. One thing is I plan on making some lowers with the LLC. Probably not for sale, but for my own pleasure. My dad has a small business, he might be able to benefit from it.
I was reading through and it says I cant be a registered agent. What exactly does a registered agent do anyways? |
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Quoted:
I was reading through and it says I cant be a registered agent. What exactly does a registered agent do anyways? A registered agent must either be: 1. a domestic entity or foreign entity registered to do business in Texas, or 2. an individual. You would be the registered agent of your LLC. Registered agent is the point of contact where legal process is served. Basically, if the Texas Secretary of State needs to contact you regarding your LLC, he/she would use the registered agent. |
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What all do I do for yearly franchise? You would file a public information report and a franchise tax report every year. If your LLC doesn't generate any or a minimum threshold of revenue, you file a no tax due report instead of the franchise tax report. |
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